• Healwell AI (TSX:AIDX) has entered into an agreement to acquire VeroSource Solutions for $24.5 million
  • The acquisition will bolster Healwell’s portfolio thanks to VeroSource’s data products, insights and services to larger enterprises including Canadian provincial healthcare systems
  • VeroSource’s platform has had more than 1 million users since its inception
  • Shares of Healwell AI are down 1.01 per cent to C$2.93 as of 11:33 am ET

Healwell AI (TSX:AIDX) has entered into an agreement to acquire VeroSource Solutions for $24.5 million.

The company stated in a news release that the acquisition will bolster Healwell’s portfolio thanks to VeroSource’s data products, insights and services to larger enterprises including Canadian provincial healthcare systems.

“Once integrated with our best-in-class AI-powered disease detection and patient identification capabilities, VeroSource has the potential to roll out very significant population health features that are very much at the core of value-based healthcare trends,” Alexander Dobranowski, CEO of Healwell AI, said in a statement. “We are excited about the growth synergies and the potential to expand our footprint rapidly into new provinces.”

As it currently stands VeroSource serves five provincial health clients and is projected to generate more than $8 million in revenue this year.

Since its inception, the VeroSource Platform has generated more than 1 million users that includes patients and providers.

“With Healwell’s support, we can expand our innovative digital health solutions more rapidly and effectively across Canada,” Mark McAllister, CEO of VeroSource, said in a statement. “We believe that we can help accelerate Healwell’s mission of early disease detection and providing more comprehensive, AI-driven healthcare solutions.”

VeroSource securely integrates health data from sources such as EMRs, pharmacies and hospital information systems into a single platform that is used for analysis across a variety of applications. The company has developed and validated best-in-class capabilities in data management, interoperability and rendering that are key capabilities when unlocking clinical value and addressing unmet needs for patients and providers.

The proposed acquisition of VeroSource will result in Healwell acquiring a number of broad and unique capabilities for the public sector that includes digital front door and patient access solutions, international patient summary solutions, FHIR interoperability and data solutions, and digital identity solutions.

Healwell AI is a healthcare technology company focused on AI and data science for preventative care.

Shares of Healwell AI (TSX:AIDX) are down 1.01 per cent to C$2.93 as of 11:33 am ET.

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